Why is There a Disturbing Correlation Between Bakkt Future's Price & Bitcoin?

Jonathan Ganor2019-09-26 04:52:22Be the first to response!398 views

Is Bakkt's Futures Tanking Bitcoin's Price?

Cryptocurrencies and Bitcoin tend to be highly volatile investment
assets or currencies. As most of you know Bitcoin has had amazing highs of
$20,000 and recent lows of $3,400. These price fluctuations are often very
quick and at times hard to explain. During the past several months Bitcoin
enjoyed a period of relative stability of around $10,000.

This abruptly came to an end when a project thought to push
Bitcoin's price up seemingly did the opposite. Since the Launch of Bakkt's Bitcoin Futures, Bitcoin fell below the $10,000 mark and is yet to recover.

It is currently trading at $8,471 at the time of writing
this.

Bakkt's Bitcoin Futures & Its Influence on Bitcoin

Despite having a launch that could be only considered a
flop, Bakkt seemingly has a large influence on Bitcoin's price. Despite memes
and mocking the empty Bakkt trading floors and a very low trading volume, it
seems that they can still affect the market.

The closing prices listed on Bakkt's Bitcoin futures seem to
match the price of Bitcoin in a disturbing recurring pattern. We will follow
Bakkt's closing prices today to further confirm or dispel our assumption.